Iran Signs Up Daewoo For Heavy Oil Refinery, Kexim For Heavy Finance

Iran signed its second refining and third petchems deal since sanctions were lifted – both with Korean firms. $15bn of Korean project finance is also lined up.

Iran’s Bahman Geno has signed a memorandum of understanding with Korea’s Daewoo Engineering and Construction for construction of a 300,000 b/d refinery in Iran’s southern Hormozgan province. Korea’s Hyundai Engineering and Construction is expected to join Daewoo in the project.

Korea’s Yonhap news agency reports that the plant will be built at the port of Jask at an expected cost of $10bn. However, the project under discussion appears to be the Hormuz Extra Heavy refinery, already in the planning queue for state refiner NIORDC, but intended to be built at Bandar Abbas.

Bahman Geno was originally the Hormoz Oil Refining Company subsidiary of NIORDC, but changed its name in 2013. The company is 20% owned by an investment subsidiary of NIORDC and the remainder by Iranian private firms. (CONTINUED - 838 WORDS)


table Iran'S Planned New Refineries & Condensate Splitters
table Hormuz Refinery Key Units (‘000 B/D)